Steel trading firm in Chennai defrauds SBI of ₹391 crore
The Hindu
The suspected company is believed to have falsified documents to divert funds and cheat the bank
The directors of a steel trading firm, who were already accused of fraud and booked by the Central Bureau of Investigation, allegedly indulged in the same modus operandi again, to defraud the State Bank of India to the tune of ₹391.30 crore. In a complaint lodged with the CBI’s Economic Offences Branch in Chennai, the SBI’s Stressed Assets Management Branch (SAMB) accused M/s P.S. Krishnamurthy Steels Pvt Ltd of Chennai and its Directors P.S. Krishnamurthy and P.K. Vadivambal of defrauding the bank after taking a loan and forging documents to divert the funds.
The United States on Monday launched its third big crackdown in three years on China’s semiconductor industry.
Intel CEO Pat Gelsinger has retired, the struggling chipmaker said Monday.
Bangladesh reduces power purchase from Adani due to lower winter demand and payment disputes, facing mounting dues.
Škoda Auto India introduces the Kylaq SUV with four variants, starting at ₹7.89 lakh, promising a game-changing customer experience.
Government forms panel to update GDP base year from 2011-12 to 2022-23, aiming for accurate economic representation.
According to officials in the Agriculture Department and scientists at Krishi Vigyan Kendra in Kalaburagi, the drying of the crops is a direct result of insufficient rainfall. As per the data, the region received about 5 mm of rainfall in November, compared to the normal 20 mm, translating to a 70% deficit at a critical stage of the crop’s growth.
Oilfields Bill: Parliament debates Oilfields Amendment Bill to boost domestic oil production, reduce imports, and streamline regulatory framework.
Gold and silver prices drop due to reduced demand, global factors, and market uncertainties, impacting futures trading.
Uber launches water transport service in India, starting with shikara rides at Dal Lake in Srinagar.
Benchmark indices Sensex and Nifty rise on blue-chip stocks, firm US markets, and global oil prices, despite economic slowdown.
Rupee hits all-time low against dollar on Trump tariff threat, disappointing data, and foreign fund outflows.